FFS010:Differences between Licencing v Franchising &amp; Going it Alone(part 2)

http://serialpodcast.org/how-to-listen (This is brilliantly done)

FFS010:Franchising v Licencing v Going it Alone

September 4, 2015 by Georgette Rowland Osborne

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Some things you probably didn’t know about Licencing.

Welcome to part 2 of my look at Franchising and Licensing v going it alone. This is from the point of view of someone who wants to buy a franchise or licence as opposed to wanting to create their own.

If you missed part one then I would suggest you go there first. The link is financialgymforbusiness.com/009

I gave practical and emotional reasons for why franchising may or may not be for you. So now I am going to do the same for Licensing.

You will also hear

How to tell if a licence is really a franchise in disguise
The importance of intellectual property
How you can be up and running in a matter of hours
Why Network Marketing suffers from negative perceptions
Why the level of support and guidance you need should be a deciding factor for whatever route you choose to take.

And much more

[spp-tweet tweet=”

Does #Network Marketing, #Referral Marketing, #Multi-level Marketing deserve the negative rep? Listen

“]

[spp-transcript]

Transcript

FFS010:Differences between Licencing v Franchising & Going it Alone(part 2)

If you missed part one then I would suggest you go there first. The link or url is financialgymforbusiness.com/009

I gave practical and emotional reasons for why franchising may or may not be for you. So now I am going to do the same for Licensing.

First why is it different to franchising?

One way to look at licencing; is that it is running your own business and all that that entails, but you are using the Intellectual property of another more established company or brand to generate income instead of or alongside creating your own.. IP doesn’t just cover obvious things like names, or logos. It can also take into account intangible assets. It is commonplace to protect things such as designs and processes. Think KFC with its original herbs and spices.

If you are licencing someone else’s IP then this is not something that may directly affect you, but because you are setting up independently and no doubt build your own presence. Understanding the implications of the legal side of things not only helps you to understand your boundaries with the Licencing company, but what you can do to protect yourself as you grow and become more well known.

The whole protection of assets is a fascinating and eye opening topic. It is one that I cannot do justice to here. But in a later episode I will bring you more on the subject because even if you are a one man operation starting out, you will be shocked to know how you could be affected if your business really establishes itself.

Back to today:-

Licensing is similar to franchising in that you pay for the right to use a business name, process or product that is the property of a parent company or person. But the Licensor or owner of the licence has much less (if any) say on how you run your company as a Licensee, so is not subject to such strict rules and regulations.

There are companies out there that call their offer a licence, but when you read the small print it is actually a franchise. For instance asking for royalties on sales is a red flag. Hence the need for a professional to look over any agreement on your behalf.

How does it work?

Find a company

Just as with franchising you decide of a company or type of company you would like to licence from. Once you have made a decision about whose licence you want to purchase; you sign a licensing agreement and pay your initial fee.

Finding parent companies that offer licensing agreements is not as obvious as finding franchise companies because many do not market themselves in that way. So it may be difficult to distinguish them from a franchise. It may only become apparent when you are able to find out more about what the offer is. Just to drive you crazy; if you do a standard online search for companies that licence products or businesses, the results lean towards helping those who want to set themselves to licence a product or business to others, rather than those interested in acquiring a licence. The term franchise is fairly specific, but licence is very generic so “good luck!”

Also some Network Marketing or Multi-Level Marketing companies, offer the option to merely purchase their products to sell without getting involved in the multi-level marketing side of things. But it does require you to be really hot on marketing the products yourself.

But if you are merely licensing, odds most if not all marketing will be down to you anyway.

Due Diligence

There is nothing new here. Do your homework. As with franchising, you are likely to start incurring legal and other professional fees.

However, it is often not strictly necessary in the licenced arena because your commitment to getting started can often be very small.

There may be an opportunity to meet with prospective companies; some have open days or events where they give you more details about the opportunity and what is in it for you. It is also often much easier to speak to other licensees of the product or service because the relationship with licencing can be less formal than it is with franchising. Thus hanging onto people is more difficult.

What do I mean by that?

Think about something like Forever Living Products, A.C.N, Amway, Anne Summers, Tupperware and other similar opportunities. The people who sign up are free to leave the team with little in the way of consequences at any time. Consequently keeping people motivated to continue is a battle for organisations that use this model. One such strategy is to incentivise people by rewarding them if they refer others into the business. It is a great way to expand the reach of the licensing organisation and see that their recruits see their income increasing.

The downside is that it has attracted people who try and recruit everyone that dares to give them eye contact, which given the business model a negative reputation. We have all been to that networking event where that person has managed to firebomb their business card to every person in the room by the end of the night. Not to mention invite them to coffee so they can “tell them more”. And still manage to not take an interest in anyone else at the event.

I have seen a recruiter of a product, which I won’t mention, invite a millionaire entrepreneur to an event to find out more so they could “boost their income”. The millionaire already made more in bank interest than he would have done in a year in that business.. Even with today’s woeful interest rates. A little listening and less recruiting would have avoided that awkward moment.

Fees

Generally you pay your upfront fee or make your starter purchase, but there are usually minimal repeat costs. For more formal agreements; licence fees can be from a few hundred to thousands. I worked with a lady who licenced her system for setting up a day care centre. But as a rule, they are cheaper than franchises.

The initial fee covers getting you set up and trained.

For instance, you may only be required, to buy sample products to see if you get on well with them. You need to like what you are selling and feel confident about endorsing them to other people.

In exchange they give you:

You may get the right to use their company identities, such as trademarks and logos. But often with licenses, this is of little benefit because licensed businesses tend not to have the same level of brand awareness as franchises.

Many rely on you to create brand awareness under your own name. Which can be very attractive if you are set on creating your own brand anyway; Maybe you merely want a headstart with regards to what you can sell. You could also use this model to add products and services to your existing company, or just become a reseller. Similar to how many independents operate in the telecoms industry.

You could totally create your own niche if you were so inclined. In fact, someone I am aware of did just that. This is second-hand info so forgive the lack of actual detail.

Take this story of a corporate employee. I like to name my characters, so I’m going to call him Roberto (you have to do an Italian accent when his name comes up). Roberto who was desperate to find a way to start his own thing. He didn’t feel confident to start a business from scratch producing his own products or services. Franchising didn’t appeal, plus he didn’t have the money to invest in any of the ones that did interest him.

One day he found out about a weekend retreat where an entrepreneur trained others on how he made his money in a particular industry. He introduced them to the possibilities and opportunities available if they copied his method. But instead of just teaching or telling people what they needed to do. For a fee, you got a more or less turnkey business in a box. What you need to do to find the deals.The scripts to use at each stage of negotiation. The paperwork and agreements to use. Handling the money aspects.

This came with no strings attached as to how you used it or what you called your business. Like buying a tv. You pay your money and take it home and it’s nobody’s business what you watch on it.

Though from what I gather you do also get to become part of his inner circle so you get access to his contacts if you need further advice or assistance.

But Roberto being the rugged individualist that he is, didn’t use the system as he had been shown. In fact, he pretty much disregarded the bulk of it. During the weekend retreat, he became fascinated by one particular method, of one particular part, of one particular aspect of the business. He took that method and created his entire business around offering just that one thing; and from what I gather it is working marvelously out for him.

As in Roberto’s case, if there are little to no rules or guidelines so you are pretty free to do what you like.

Am I a fan?

If you listened to the previous episode and heard the reasons I gave for not loving franchises; you may well be thinking that I have couldn’t have anything against buying a licence. And actually you wouldn’t be wrong.

Yes, I meant to say it that way.

I quite like the idea of being a reseller (affiliate if you are in the online marketing space). But again, if you exclusively do business this way and do not create any products or services that you have developed or own, you are tied to a licence in lieu of having anything else. But most important

But other than that; It is definitely something to think about. It would save on the research and development costs associated with creating products and services to take to market.

Well, that is the end of part 2 of my mini take on the ins and outs of franchising and licencing.

Azrights.com

Shireen Smith

Legally Branded Book

http://serialpodcast.org/how-to-listen (This is brilliantly done)

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Show Links & Resources
Azrights.com

Shireen Smith

Legally Branded Book

http://serialpodcast.org/how-to-listen (This is brilliantly done)

FFS009:Is Franchising Risky – What You Need to Know

August 28, 2015 by Georgette Rowland Osborne

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Before I dive into franchising; I just want to make a small point.

So many people are confused about the difference or differences between a business franchise and a business license. Some people don’t even realise that there is indeed a difference. So much so that it is not unusual to hear the terms franchise used when people actually mean licence and vice versa.

They are similar in theory but very different in reality. If you are one of those people who is not sure what the terms mean and whether either could be an option for you keep listening.

This is part one of a 2 part topic. Today look at Franchising and next episode I will look more closely at Licensing.

Note this is from the point of view of someone who wants to buy a franchise or licence. Not someone who is the owner or looking to expand their business by selling franchises of licences.

You will also hear

Where to look for franchise opportunities
Why choosing a parent company is not about the offer but about you
Advantages of buying a franchise over starting your own business from scratch
My thoughts on franchising and why they are more emotional than practical
What you may have to give up if you go the franchise route

And much more

Show Links & Resources

The TropicalMBA Podcast

Subscribe to Podcast by Email

http://serialpodcast.org/how-to-listen (This is brilliantly done)

Image credit freedigitalphotos by David Castillo Dominici

FFS008:Sole Trader v Limited Company v Partnership – How to Choose

August 21, 2015 by Georgette Rowland Osborne

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This has to be one of the most common questions I get from business people. My response was usually “discuss this with your accountant” But even when they did, many still had questions or couldn’t decide.

I couldn’t figure out why, your accountant is a great place to start. Then I began to see a pattern. The accountants always answered the question from a financial/tax perspective. Which is great, that is what they are meant to do. But the decision has other implications not just to do with tax.

Some people felt they didn’t have a full enough understanding to decide. Some felt they had enough of an understanding but the professional advice went against their gut feeling. While others had other questions to ask but were reluctant to ask them because they came from a non-financial or personal perspective that they didn’t feel comfortable to bring up in an accounting or tax conversation.

Today I will give you a brief overview of the differences between the different structures from a legal standpoint.

Then I will give you a little quiz and the answers of course to help you choose. And where appropriate I will give you my take on it.

This is definitely a pen and paper episode, but if you are in the car, at the gym or someplace else where you can’t take notes. Don’t fear I have a gift for you.

When you can; go to financialgymforbusiness.com/soletraderyesorno and you will be able to download a simple matrix with the questions and the best options based on your answers.

You will also hear
· How your ability to pay your bills on time is an indication of what type of company to set up
· Why your credit rating could matter whatever entity you choose
· Some sticky points about going into a Legal Partnership
· The role your personal preference must play in any decision you make

Show Links and Resources
Sole Trader v Limited v Partnership – How to Choose – Quick Tip Guide

http://choicesmagazine.co.uk/
https://uk.linkedin.com/in/anthonycharlestitanium
https://twitter.com/anthonytitanium

http://serialpodcast.org/how-to-listen (This is brilliantly done)

FFS007: Anthony Charles – From his last £10 to £10,000 in a few months

August 14, 2015 by Georgette Rowland Osborne

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Today my Entrepreneur Speak Spot guest is Anthony “Titanium” Charles who talks very honestly and openly about his business failures and successes. As someone who did very well in Network Marketing, He runs two businesses based on that model so that aspiring entrepreneurs would have a way of making money while they got their own businesses off the ground.

He tells how friends on more than one occasion let him down, one almost cost him everything. Listen to his story of having a family to support and debts to pay, and risking his last £10 so he could meet the man he believed would change his life.
It is a testament to those who have found success, but still take the time to look behind them and give back.

You will also hear

How a speech at his place of work by pioneering entrepreneur John Bird of the Big Issue was the light bulb moment when he knew exactly what his purpose was and what business he needed to create
How his wife suddenly got cold feet when the reality of the project set in
How he got a millionaire mentor when he was flat broke
Tips for staying focused when you want to quit
His take on whether everyone is cut out to work for themselves
The number one reason people fail or leave network/referral marketing

And much more

Guest Links

Show Links & Resources

John Bird of the Big Issue

Ron Holland – The Entrepreneur’s Entrepreneur

The Employment Law & HR Podcast

http://serialpodcast.org/how-to-listen (This is brilliantly done)

FFS006:Why Buying a Business May be Better than Starting from Scratch

August 7, 2015 by Georgette Rowland Osborne

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Buying an existing business is not a simple thing; you need to make sure you are not getting somebody else’s problems for a start.

Let us assume you have great business advice you can call on. You could possibly get the financing.

The process of actually buying a business aside, if you pick wisely, there a heap of reasons that I could see this working better than building something from scratch.

You will also hear

Why the financial history of a company you want to buy is useful but not the most important financial data you should have
How being able to predict sales changes the game
The only time you could scale back sales and marketing without hurting your business too much
Why ready trained staff are a blessing and a curse at the same time

And much more

Show Links and Resources

adviceforemployers.co.uk

Subscribe to Podcast by Email

Subscribe to Podcast by Email

http://serialpodcast.org/how-to-listen (This is brilliantly done)

FFS005:Ready to Resign – 5 Decisions You Need to Make Before You Quit Your Job

August 1, 2015 by Georgette Rowland Osborne

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While there are many, sadly too many businesses that are forced to close. There are a quiet band of people who opt to go the other way and leave self-employment to go get a job. For some it is a return to a world they missed, but for others it is the sound of the door closing on their dreams.

So why go back?

For some, being their own boss is a really bad idea, (which I talk about in Episode 2 – Reasons it’s not for you). If you haven’t listened to it yet, you can get it at financialgymforbusiness.com/002.

But the tragedy is that for many; those who are truly meant to be doing their own thing; they were just one month, one deal, one mentor away from making a go of it.

You will also hear

Why your personality plays such a major part in the type of business you run?
Why what we avoid admitting to in public is the key to understanding what we should be doing with our lives
How to safeguard against our own tendencies to self-sabotage when we want something badly
The difference between a well-run business and something that will drain you

And much more

Show Links and Resources

The 7 Day Startup by Dan Norris

wpcurve.com/resources

http://serialpodcast.org/how-to-listen (This is brilliantly done)

Test Post With Large Image

July 29, 2015 by Lindsey

This Creative WordPress Theme was designed by a creative, for creatives. Let’s see how many times I can type the word creative. Your text goes here. This blog post is simply an example, so you are able to preview typography, heading styles, images, blockquotes and so on.

cre·a·tiv·i·ty

the use of the imagination or original ideas, especially in the production of an artistic work.

Creativity Definitions

the state or quality of being creative.
the ability to transcend traditional ideas, rules, patterns, relationships, or the like, and to create meaningful new ideas, forms, methods, interpretations, etc.; originality, progressiveness, or imagination.
the process by which one utilizes creative ability.

Get Creative

This is an example of a button, these are easily added anywhere on your site. Grab the code for it in the setup area after purchase. It’s as simple as placing it wherever you would like this pretty little creative button to appear. You can even make the button say, and link to whatever and wherever you like. I made the button say “Get Creative” and linked it to the purchase page for this Pretty Creative WordPress Theme.

FFS004:What to do if Your Spouse Doesn’t Support Your Business – Mini Bonus Episode

July 22, 2015 by Georgette Rowland Osborne

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If business wasn’t hard enough, it is even tougher if the person closest to you; your wife or your husband: is not 100% behind you.

It is an issue that I come across all the time while working with clients and one that I have personally experienced from both sides of the coin.

So if this is something that you may be going through or you know someone who is, this is for you.

I just wanted to share a few things that I have seen couples do that have successfully turned the situation around.

You will also hear

Why your spouse seems to be sabotaging you even they don’t realise it
Why talking it through is only a temporary solution
The emotions that make your spouse unsupportive
Suggestions for turning the situation around

And much more

Show Links and Resources

http://serialpodcast.org/how-to-listen (This is brilliantly done)

solopreneurhour.com/group

FFS003:Want to Work for Yourself – Reasons You Simply Must Do it

July 17, 2015 by Georgette Rowland Osborne

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In the previous episode I talked about why working for yourself or starting your own business is probably; no not probably; is definitely not for everyone. But at the same time; if it is something you have set your heart on then you are going to love me today because today we are going to show your doubters the door. Whether those doubters are other people; or you doubt yourself.

This is going to be a much shorter episode compared to the previous one, because to be honest I suspect that most if you are still listening to me or you found my show, you are pretty set on becoming a business owner.

In the following episodes I want to start giving you things that you can put into action and give my school mistress persona a bit of a rest. But because I am borderline OCD, I have a need to cover all bases to make sure you are on board with me.

For some of you this is stuff you already know, but you never know what you have forgotten. And if not, and this is new info. Well “You’re welcome”.

You will also hear

Why only a tiny minority qualify for investment
Why I fired a client
The things that are easier to do if you work for yourself
Why I often choose to join groups that I do not naturally belong in

And much more

Show Links and Resources

Michael O’Neal and the Solopreneur Hour podcast

Gratitude Journal App – iTunes

Gratitude Journal App – Android

http://serialpodcast.org/how-to-listen (This is brilliantly done)

FFS002:Work for Yourself – 7 Surprising Reasons it’s not for You

July 17, 2015 by Georgette Rowland Osborne

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Are you cut out to steer your own business ship or should you leave it alone? That’s what I want to talk about today. Nobody wants to put their heart and soul into building something only to find we have chosen the wrong path. And that can apply to people who are doing well but end up unhappy and feeling trapped. So let’s see if we can avoid that happening to you.

If you are already feeling this way; as you are listening; go back in time and see if any of the examples I am going to give applied to you. You may not even realise that this was the case.

You will also hear

Whether people who work for themselves superior to people that don’t?
Why wanting to be your own boss is a bad idea
How Judy Garland put me off singing
Why charities and non-profit organisations are the opposite to what your business needs to be

And much more

[spp-tweet tweet=”The more you make in your business. The more people you can help”]

[spp-transcript]

FFS002:Work for yourself – 7 Surprising Reasons it’s not for you

Welcome to Episode 2

If you are already feeling this way; as you are listening; go back in time and see if any of the examples I am going to give applied to you. You may not even realise that this was the case.

Thank you for tuning in to the Firmer Figures Business Show. This show is dedicated to creating a smooth flow between your day to day business activities, your money and your life.

My aim is for you to feel free to take advantage of new opportunities, create higher value for your customers, and generate a better income for yourself.

The debate about whether everyone is cut out to work for themselves is one that rumbles on and on. Are entrepreneurs born or made. Does everyone have the right skills, personality traits or habits to do well going it alone?

My issue with this glamorisation of entrepreneurship is that it presumes that people who work for themselves, are somehow superior to people that don’t. In all fairness there is some substance to that. People who work for themselves, not all mind you; but the very fact they are masters of their own destiny, means they have to have, or strengthen certain skills and personality traits that prepare them for survival in a world with no safety nets.

However I know many people who are employed, and display all the traits that are usually associated with being an entrepreneur. They are also phenomenal business people. It is just they officially work for an employer. Some of them will openly tell you they prefer to be employed because they can concentrate of being good at what they do, without the hassle of dealing with business issues.

They are the lucky ones.

I know on the other side of the coin are others like some of you; that are equally phenomenal. But the idea of continuing to work for someone else is more than you can stand and the thought of doing that until retirement is enough to drive you over the edge.

But before you go into your boss’s office and tell him (or her) what you really think of them. Give me a little of your time, and just double-check you are not a victim of the following traps that people fall into when they decide to go it alone.

Don’t want to work for someone else or “Want to be my own boss”

Hating authority or believing you can do a better job than your boss, is not in itself a bad thing. But if that is the only reason you want to work for yourself you could be swapping one situation for a worse one. There is a good chance that whatever you do you will have customers or clients of some sort.

When you have to juggle the reality of satisfying lots of little bosses. ; commonly known as customers. Who want what they want, when they want it. You could find yourself wishing for the days of one boss. Until you establish yourself, it can feel as if everybody but you is pulling the strings in your own business and all you are doing is reacting to them. If you can take that in your stride, then tell your boss what he can do with his or her job by all means and go seek your fortune.

You are afraid of being fired or being made redundant

It’s tempting to think that running your own company will give you stability in a tumultuous job market where people can lose their jobs any day. True, when you own your own business, you do feel more in charge of your future. However, there is no guarantee that your business will be successful or that it will still be there in 6 months or a year’s time. As statistics show, up to 50% of new businesses fail. It’s one thing to get another job if you lose yours, but would you be willing to start all over again if your business failed? This has been what some of the most successful business people on the planet did before they finally made it. Some of them, started over a number of times.

You Crave Structure

In the world of employment we become accustomed to having set roles within an organisation, hell you probably even have a comprehensive job description; and can happily ignore things that don’t form part of that description. And if like me you had management responsibilities, getting used to not being able to delegate can be daunting.

Funny when you start out. (The Infant stage) You may well be able to do be quite structured and organised. There may not be a lot going on in terms of running your business. You are possibly spending most of your time looking for customers. Then you get some, and now you have to split your time and resources. And the busier you get, the more chance for chaos to follow. This is actually quite normal in the evolution of a business. I have another name for working in business chaos. It’s called multi-tasking.

The struggle to have the freedom to concentrate on the areas you want to; is an ongoing one while a business grows from infancy to the teenage phase. You have been going for a while but not moved to the level where you can start to let go as much as you would like. This is primarily because at these stage; you probably won’t have the resources, money, help or knowledge to do things better.

As your business grows into adult-hood or a mature business based on systems and processes rather than how fast you can move, this becomes less stressful. But that is rare in the early days.

If you like a well-ordered working life, and plan to be in front of the tv each night to catch the latest episode of your favourite show, this life is not for you.

Passion

We are told often enough that we must have passion for what we do. And that is so true. But if we don’t have the ability or skill for something that passion will soon get us down. That is also true, the other way around. If we do something just because it turns a buck, but we don’t enjoy it, the result will be the same.

So why is having passion such a big deal?

Of course none of us start off as experts in a field or skill or hobby. We need to learn basics, practice often, become proficient and then become experts. And if the thing we become expert in is something we love with a passion, then all is well with the world. I am ignoring the fact that we can hire or pay for expertise. I just mean you are passionate about a subject, industry or problem. Whether you do the thing yourself or not; you will still be immersed in it in some shape or form.

I was quite shocked when I did some work at my last accountancy practice; to come to the realisation that I don’t love accounting. That’s what I thought it was. It turns out that it is not accounting I didn’t like, it was the accounting environment. Plus my background was in industry and running businesses, which many accountants have never done so I had a very different view of the world of business ownership. When I started spending more time with the business owners I knew I had found my people.

I had a passion for being a singer when I was a slip of a girl. I would listen to people like Ella Fitzgerald, Janis Joplin, Gladys Knight, Doris Day, and I would so want to sound like them. And the icing on the cake for me was a scene from the movie, “A Star was Born” There are two versions of it one with Judy Garland and James Mason and the other with Barbara Streisand and Kris Kristofferson. I can hear all you young’uns saying “who the hell are these people?” Search Google my friends.

Anyway in the Judy Garland version of the movie, she has just finished performing and as always brings the house down. To wind down she and her musicians go to this bar and start jamming together. If memory serves she sings the amazing song “The Man That Got Away” And I thought it was so cool. It also sparked an interest in Jazz clubs for me.

But anyone spot the problem here. Judy Garland had a god given talent, and if I practiced for the rest of my life, I would never sound like her. Not only not like her, but good enough to even contemplate a singing career. Which is a kicker because; I grew up with singers in the family. I don’t attract cats but I am no Aretha Franklyn.

If you are unable to really nail what you want to do, whether on your own or with help. Or even if you do manage to do it, it will be tricky or unlikely to really make the money you need, let alone what you want, then all the passion in the world won’t make any difference.

I don’t see me getting a recording contract any time soon, so needless to say I am leaving that pipe dream alone.

Get Rich

Get rich quick is what I mean. Successful entrepreneur Chris Brogan once said it took him ten years to become an overnight success. Beware of shiny people selling you shiny ideas of how they just did this, and then that happened and hallelujah they got rich. Particularly in the UK where we keep so much about money close to our chest. The Americans have a much healthier attitude to being open about the crap that happens to them in business.

I used to think I was unique when I would talk about the crap I went through. Then I started listening to business podcasts and a whole new world of straight talkers helped me realise I was not alone.

Ok; in the previous point I poo-poo’d passion a little. The reality is if you are making money just for the sake of making money, you will hit a brick wall without a healthy dose of passion to keep you going, when you are fed up and demotivated.

The passion could be your love of the thing you’re doing, or what you will get by doing your thing. For example if you have money what choices can you make that you couldn’t make before. Maybe it’s the freedom to live anywhere you want and still earn a living.

Also if there isn’t passion for what you are doing or why you do what you do, it will be hard to find other people to work for and alongside you because you won’t inspire them to get involved.

If making money is the primary reason you want a business of your own, don’t let anyone make you feel bad about that. Making money is a fundamental. Some would say it is indeed the most important thing because without money coming in, you are not a legitimate business at all.

But I do also agree with the philosophy that in the worst business, you can keep money coming in, but creating wealth, well that is the reward of having a good business. One with solid foundation, great systems, predictable and consistent cash flow, respected by customers, supplier and competitors, and great potential to be around for some time.

In most cases the journey from dreaming to having your private jet is a long one, and money is the only thing driving you, unless you are the Wolf of Wall Street – what’s his name? Jordan Belfort – it won’t be enough to keep you going on the many occasions the crap hits the fan. And even Jordan; I suspect; has been forced to revise his attitude to the all-consuming pursuit of making money, after the hell that became his life. Even if only a little bit.

Plus very few people ever achieve private jet wealth, so while I’m not saying don’t go for it. Don’t let it be the only thing that drives your life.

Apart from anything else, you will be one boring dinner party guest.

To Work Less

Work less! You will work harder than you have in your life, assuming you are dead serious about making something out of this. You will probably have people you hire like your handyman or gardener, who earn more than you in the early days.

Yes, entrepreneurs enjoy the freedom of creating their own hours. However, it’s a delusion to think that they work less. Since the success or failure of your venture is in your hands, you will work way harder than you did when you were in a salaried position.

Make a Difference in the World

This is a wonderful reason to run a business. Just be mindful that it is a business that you want to end up. There are already charities out there and non-profit ventures. And the way they are set up to be able to provide resources, aid, time and money for causes is completely the opposite of how profitable businesses need to be run.

Hence why when I moved more into the coaching/advisory space, I realised that charities and non-profit organisations; were not my target audience. What good am I guiding people on how to extract profits when there are none – on purpose!

Now there will be some of you listening who will struggle with this. You are genuinely a giving person who wants to help people beyond yourself, maybe even on a large scale. And the idea of putting money ahead of that goes against everything you believe in.

Try this as an idea.

“The more money you make in your business. The more people you are able to help”

This is not an exhaustive list. No doubt some of you have thought of some others.

If some of what I have said applies to you, don’t think that means I am saying don’t do your thing. I am just saying be very clear about your true need to be your own boss and whether it is that need, that is standing in the way of you getting to where you want. Or if you are where you planned to be, why you may be unhappy.

Feel free to give me feedback and let me know if there are any questions you have that I could cover. Or share what you are dealing with in your business.

To contact me, you can leave a voice message by going to my website financialgymforbusiness.com and clicking the link with the microphone. Or send a message from the contact page. If you have a website, blog or podcast, leave the details and I will give you a shout-out.

SHINE THE LIGHT SEGMENT

This is part of the show where I shine the light on great people and resources that you may find helpful or inspirational.

Today it is

48Days.com this is the website of prolific entrepreneur Dan Miller

There are a number of what; I would call elder statesmen in the world of entrepreneurship. Though, they are anything but elderly. They have however been around for years and still continue to provide value. Dan Miller is one of those and is well respected.

He site is a great resource for people who are transitioning and looking for how to move to the next stage of their working life. It is helpful whether you want to work for yourself or in stay employed. People send him questions and he answers them on his podcast. He also has a great blog you can read.

There are links in the show notes if you want to learn more. Go to financialgymforbusiness.com/002

FURTHER INFORMATION

If you really want to deep dive into reasons business may or may not be for you. Check out my book, Firmer Figures – Fess Up or Mess Up. First couple of chapters go into great detail about how to decide what you want and what type of business may suit you. You will find it at firmerfiguresbook.com

For the links to any of the resources I mentioned; go over to financialgymforbusiness/002 where you will find them in the show notes.

If this was useful to you please would you consider going over iTunes if you are an apple user or Stitcher if you are an android user; and give me a Rate and Review.

I love bringing information to you and would really love to know if it helps.

Every 5*rating that I get; not only tells me that I not just talking to myself; it also tells iTunes and Stitcher. That way when people are searching for a show like mine, I show up.

Full step by step instructions on how to do this can be found on my site at financialgymforbusiness/podcast

And if you don’t want to have to remember when I am next on, just click the subscribe button on whatever platform you are listening in on, so you get notified. In fact why not do it now.

Thank you so much for being here. Take care until next time, bye.

Disclaimer

This episode, or any resources mentioned, is not a substitute for obtaining proper financial and or legal advice from a qualified professional who is familiar with your specific situation. Also be aware that the information contained may not be suitable for every person or organisation.

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Show Links and Resources

A Star was Born

Wolf of Wall Street and Jordan Belfort

48Days.com and Dan Miller

http://serialpodcast.org/how-to-listen (This is brilliantly done)

Firmer Figures – Fess Up or Mess Up

FFS001:Time to Fess Up or Mess Up Your Business Finances

July 17, 2015 by Georgette Rowland Osborne

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When it comes to money it is easy to become one of the few who really know how you are doing financially … because the truth is, these days people are more focused on building their PROFILE than they are on building their PROFITS

I know people who have businesses in the high six figures and still feel inadequate when it comes to tracking the money.

Every week I talk to people who have very painful stories about what they lost because they didn’t understand what was really happening to them financially. They just knew things were getting worse.

You will also hear
• Why you are never truly safe from worrying about money
• How losing a business is not the end of the world
• How I messed up big time
• What you are going to get from me over the next few weeks
And much more (with a little help from David Cameron)

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Transcript

001: Time to Fess Up or Mess Up

Welcome to Episode 001

Firmer Figures is about how you deal with the day to day business money muddle. What keeps you awake at night, how to set up your systems, your environment, your support team and, the impact on your personal life and relationships. So if you do get wealthy you hang on to it and if you are not wealthy yet, well, you reduce your chances of losing it all before you get there

If you are looking for how to get rich in 90 days then this is not the show for you, there are plenty of others out there that are more than willing to show you how to do that.

But if you wanted to turn financial confusion into clarity in 90 days, then I would be your girl.

Disclaimer

This episode, or any resources mentioned, is not a substitute for obtaining proper financial and or legal advice from a qualified professional who is familiar with your particular situation. Also be aware that the information contained may not be suitable for every person or organisation.

So Georgette; I hear you say, that is all very nice, but who are you? I don’t want to take up too much time talking about me, as we get to know each other over the coming weeks I will reveal more and more of my checkered history.

You can get a full run down on my about page at financialgymforbusiness.com/about

But just to give you a little background.

I spent many years in the corporate world, managing the outsourcing needs of large organisations (mainly in the financial sector) such as the Bank of England, Barclays Bank, Merrill Lynch, UBS and HM Revenue & Customs, before I fell in love with helping independent business owners streamline their money.

During that time I left twice to go on maternity leave…… (Listen to the podcast for the full story)

I was later asked to take on a division that trained the personnel around Europe to implement and support the technology that was then used to power ATM machines and Air Traffic Control.

Finally I left the corporate world and went into business with a friend and the fallout from that nearly broke all of us

I am also the author of a book called Firmer Figures – Fess Up or Mess Up which is a guide to help entrepreneurs’ spot financial warning signs in their business. You can find out more about it at firmerfiguresbook.com

People are more focused on building their PROFILE than they are on building their PROFITS

I know people who have businesses in the high six figures and still feel inadequate when it comes to tracking the money.

Or those that are in established businesses constantly worrying about what they could lose if they don’t get on top of things. As someone confessed to me once “they got tired of living on the edge of their nerves” Having a high six figure business did not protect you from head butting with the tax office. In fact you became of more interest to the revenue because of the larger turnover.

I am all for spending lots of time and energy on marketing, getting your customer service right and admin tighter than a drum; because these are the things that will improve your financial position every time. But not measuring accurately whether all the effort is paying off is financial suicide.

A reward of going into business is to make money for you, your family and to help others. Yet dealing with the money is the very thing that can be the cause of so much anxiety and stress that people fall out of love with a business they were actually born to do.

Money issues have no respect for size, age or turnover; otherwise we would still have Woolworths. The day when you can lock the gate behind you and be safe for ever will not come. But you can keep the trouble at bay.

Now I will fess up. When I closed my first business, I owed more money than many of the people I talk to; who ended up sleeping on other people’s couches, eating beans on toast for dinner and watching bailiffs empty their homes, and some even lost their homes.

Yet I never lost my home, no bailiffs came to my door and beans on toast were not the only things we had to eat. How come?

Well after going through what I can only describe as the stages of grief. Even getting out of bed took superhuman effort. I realised that feeling silly and false pride, while not the reason for

I knew I had to stop overthinking and brooding so that I could face up to what I needed to do to get my life back. I was also honest enough to know that I would do it a whole lot better if I had someone who would be there for me while I dealt with it, even if it was only on a professional level. That way I would not give up until I had sorted out the mess.

If I could make the mistakes I did, with the training I had and my background, what about people who had none of that.

Business comes have 3 main components – Sales & Marketing, Operations (the doing part) and Financial Control. The first two I understood, but the financial side just made complete sense to me. So I knew that was where I could be of the most help.

I am here to say, reach out for help when you need it, do not try to be a hero and do it all alone. If you are doing well, do you know why that is? If things are not so great, do you know why that is?

What You Are Going to Get From Me

Over the next episodes I am going to walk you through the nitty gritty of setting up your own business for the first time; or setting up again in some of your cases. As time goes on you will see that some episodes will be very practical and money focused. Others will lean towards productivity and well-being. And from time to time I will bring on experts to share the show with me who I believe will add value to you.

Feel free to give me feedback and let me know if there are any questions you have that I could cover. You can leave a voice message by going to my website financialgymforbusiness.com and clicking the link with the microphone. Or send a message from the contact page. If you have a website, blog or podcast, leave the details and I will give you a shout-out.

Shine the Light

This is the part of the show where I shine the light on great people and resources that you that you may find helpful or inspirational.

Today we have an oldie but goodie:-

The Ziglar Show Podcast – Motivation & Inspiration to Fuel Your Life by Ziglar.com If you are already familiar with Mr Ziglar; then that’s great. If not and you are in need of inspiration from a great speaker, who will make you smile; then Zig is your man. I personally discovered him on YouTube years ago and binge watched him. He has passed now; but his legacy is still going strong on the Ziglar.com website.

There are links in the show notes to both if you want to learn more. Go to financialgymforbusiness.com/001

FURTHER INFORMATION

For the links to any of the resources I mentioned; go over to financialgymforbusiness/001 where you will find them in the show notes.

If this was useful to you please would you consider going over iTunes if you are an apple user or Stitcher if you are an android user; and give me a Rate and Review.

I love bringing information to you and would really love to know if it helps.

Every 5*rating that I get; not only tells me that I not just talking to myself; it also tells iTunes and Stitcher. That way when people are searching for a show like mine, I show up.

Full step by step instructions on how to do this can be found on my site at financialgymforbusiness/podcast

And if you don’t want to have to remember when I am next on, just click the subscribe button on whatever platform you are listening in on, so you get notified. In fact why not do it now.

Thank you so much for being here. Take care until next time, bye.

Disclaimer

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Show Links and Resources

The Ziglar Show Podcast

Ziglar.com

David Cameron Speech in full (Tory Party Conference)